Once in a few months, things may look tough financially, and you are not alone. Often, we have bills, payments and dues that are unexpected, inflated, but must be paid in time. Or else, you might be in a situation where some extra money would be helpful. In such times, you don’t need to wait for a bank nod to get a loan. Online cash loans in Canada are probably the best way to resolve a financial crisis without any delay. Services like Captaincash online approve these loans in a day, and here are some more aspects that you need to know.
What’s an online cash loan?
An online cash loan is a short-term advance, usually for a period of 90 days. You can choose to ask for a sum anywhere between $500 and $750, which can be repaid weekly, monthly, fortnightly or twice a month. Since the payment is not due on your next payday, this form of lending often is considered more flexible for borrowers. However, like payday loans, online cash loans must be repaid on time and are only available to those who are salaried and have a fixed income of $1200 monthly or more. Also, the applicant needs to have a bank account that’s active for three months and should have a low short-term debt ratio. Online cash loans are only available to Canadian citizens who are over 18 years of age.
Take the advantage of quick approval
With online cash loans, you don’t have to wait to get an approval. If your application is approved in the first half, you can expect money in your bank on the same day and without any delays through a direct transfer. The money can be used in a way you like, because the lender is only interested in knowing if you can repay it back. The entire process can be completed online, and there are services that accept applications on phone, as well.
We do not recommend online cash loans for meeting your day to day expenses. Like short-term advances of other types, the interest rate on this one can be high, and you have to pay a high fee if you don’t repay the money on time. Even the best lending companies ask borrowers to use the option wisely.
There’s no denying that online cash loans are handy, but be smart on when and how you use the option.